Gatete was speaking Thursday while presenting the recent economic development and Budget Implementation to parliamentarians.
He said that during the first quarter of 2017/18 fiscal year, the global economy continued to maintain the momentum with economic activities having been sustained compared to the previous year.
Inflation, he said, continued to drop below the medium-term target of 5% after one year above target as both imported and food inflation moderated.
He said that exports have increased substantially compared to the same period last year whereas imports have been well contained.
In the monetary sector, he said credit to Private Sector have grown faster in the first nine months of 2017 than they did in the whole of 2016 and depreciation has slowed down.
“The budget implementation was in line with economic performance and is on-track” he said.
However, Gatete said that Rwanda’s growth rate slowed in 2016 and the first half of 2017 as a result of drought during second half of 2016.
He said that trade deficit reduced by 24.9%, from USD1179.10 million to USD885.35 million
He said, this year, the monetary sector recorded growth of credit to private sector at 9.6% from December 2016 to September 2017 (compared to 9.1% for the whole year 2016)
He said the economic activity is projected to recover progressively in 2017 and higher in 2018 and over the medium term
Exports are projected to continue growing steadily with observed improvements in commodity prices and growing contribution of other minerals
“The Government will continue to put more efforts to achieve the economic growth of at least 7% over the medium term as early signs show a recovered dynamism” he said
Gatete is optimistic that the government will fully implement the budget approved for 2017/18 fiscal year and more efforts will also be put in monitoring project implementation